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Torrey Woods

679 Pond Street
Weymouth, MA
Deal Type: 
New Construction
Year Built: 
2011
Acquisition Date: 
2008
Last Renovation: 
2011
Number of Units: 
20
Tenancy: 
Family

In 2004, a local nonprofit received a comprehensive permit to construct up to 24 affordable housing units in a three-story building on a heavily wooded site which was the last parcel to be disposed of by a former retail store.

Despite support from the Town of Weymouth, the proposed project faced a contentious permitting process that delayed construction for six years.

By the time all mitigation requirements were met, the financial crisis threatened the project's financing. At that time, the original LIHTC investor, MHIC, along with the original project sponsor, South Suburban Affordable Housing Inc. reached out to POAH to suggest the idea of partnering with the aim of bringing POAH’s financial strength to the team. Together, the POAH-SSAHI team was able to secure funding through DHCD for Tax-Credit Exchange Funding from the American Recovery and Reinvestment Act and close on construction financing in October of 2010. Eleven months later, the property was fully occupied after just a one month lease-up period.

With federal and state housing resources, the team was able to immediately begin construction. Working with the Conservation Services Group, now known as CleaResult, the construction and design team was able to build a highly efficient building system. With a solar hot-water system for domestic hot water, an insulated slab and highly efficient individual heating and cooling systems, this property provided a blank slate for POAH to implement many of the latest green technologies.

Project Partners

  • South Suburban Affordable Housing, Inc.
  • Massachusetts Housing Partnership
  • US Department of Housing and Urban Development (HUD)
  • Massachusetts Housing Investment Corporation (MHIC)